Dubai developer Deyaar has completed the procedures to obtain the final approval on its proposed capital reduction plan to write off accumulated losses.
The company, whose accumulated losses reached 1.7 billion dirhams ($462.8 million) as of December 31, will be suspending the trading of its shares on June 10 to 13 as part of the process, according to a disclosure on the Dubai Financial Market (DFM) on Tuesday.
“We would like to notify the shareholders that the company has completed the procedures to obtain the final approval for capital reduction from Securities and Commodities Authority and the related authorities,” the company said.
After the capital amendment, trading will resume on June 14, 2022, said the company, which is majority owned by Sharia-compliant lender Dubai Islamic Bank.
(Writing by Cleofe Maceda; editing by Seban Scaria)